MPOC: UK’s CPTPP ENTRY IS AN OPPORTUNITY FOR MALAYSIAN FARMERS
The U.K.’s formal accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was finalised on 16 July. The agreement will open new opportunities for businesses, investors, and exporters from Malaysia.
MPOC applauds the elimination of tariffs and barriers to trade that are a key part of this agreement. The zero tariff level for Malaysian palm oil will help lower food prices for U.K. consumers and support over 400,000 small farmers across Malaysia who cultivate palm oil to provide income for their families and rural communities.
The U.K.’s Secretary of State for Business & Trade, Rt Hon Kemi Badenoch MP, is correct to state that “palm oil is a great product”, and MPOC welcomes this recognition of Malaysia’s sustainable palm oil sector.
Ms Belvinder Kaur Sron, CEO of the Malaysian Palm Oil Council (MPOC) said:
“Malaysia is proud to supply high-quality, sustainable palm oil to the U.K. market. The agreement reached with the U.K. on zero palm oil tariffs allows an opportunity for Malaysian palm oil exporters and investors to expand further into the U.K. market.
“Malaysian companies and industry associations are leading the way in driving sustainability in the palm oil sector. The Malaysian Sustainable Palm Oil (MSPO) certification standard is one of the largest mandatory certification standards for agriculture anywhere in the world. Our farmers and companies are rightly proud of this world-leading track record on sustainability.
“It is to be hoped that other markets can follow the U.K. example of a constructive and fact-based approach to palm oil regulation.”
Malaysia is also a world leader in forest conservation as confirmed by the recent World Resource Institute (WRI) data. Malaysia has made a binding international commitment to maintain 50% of land as forest area – one of the highest in the world. A cap has also been placed on new oil palm planting in Malaysia, to guarantee forest protection. The revised MSPO scheme, implemented in 2022 which includes a no-deforestation cut-off date of 31 December 2019, reflecting the continuous commitment in producing CSPO.
These commitments, paired with successful domestic efforts to effectively eliminate deforestation, have been key drivers of Malaysia’s success.
BELVINDER KAUR SRON
CHIEF EXECUTIVE OFFICER
MALAYSIAN PALM OIL COUNCIL